by Marianne Gasaway
Will there be another opportunity for local businesses struggling during the pandemic to apply for financial assistance?
Chad Schreck, president and CEO of the North Iowa Corridor, said his organization is encouraging people and businesses to let them know if they or others are at rise of closure.
“Our goal is to make sure we are able to assist those most at risk, as well as point them towards potential assistance like the next round of PPP funds coming available soon and other possible funding sources. We also have a few low or no interest loan options that could be of help,” said Schreck.
In April 2020 the North Iowa Corridor EDC announced the launch of a Small Business Recovery & Continuity Fund in partnership with the City of Clear Lake, the City of Mason City, and Cerro Gordo County. Each entity contributed $100,000 and was combined with gifts from other partners to create a $500,000 fund designed to provide financial relief to small businesses through the impact of the COVID-19 pandemic. Businesses who had experienced significant disruption and revenue losses were eligible for grants up to $5,000 to help ensure business continuity.
Schreck told the Clear Lake City Council recently that there currently are not resources to offer another round of funding because most funds were used in the original program. However, he encourages businesses to let his office know their needs.
“Beyond financial assistance, we want to be sure we are providing any other help businesses may need,” added Schreck. “So we want to make sure they know to reach out to us, the Chamber, or the Pappajohn /SBDC so we all are able to focus resources where they are most needed.”